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Consumers plan to spend less this holiday season

Researchers found that on average, people planned to spend a little more than $997 on gifts,...
Researchers found that on average, people planned to spend a little more than $997 on gifts, food and other necessities for the holidays - $50 less than last year.(WSB via CNN Newsource)
Published: Oct. 22, 2020 at 6:48 PM MDT|Updated: Oct. 23, 2020 at 4:25 AM MDT
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(CNN) - Americans are expected to spend less this holiday season than in the past.

The National Retail Federation released its annual survey Wednesday.

They asked more than 7,600 consumers about their holiday shopping plans.

Researchers found that on average, people planned to spend a little more than $997 on gifts, food and other necessities for the holidays - $50 less than last year.

The NRF says that’s mainly because people are hesitant to use seasonal sales and promotions to purchase items that will not be gifts.

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